The Supreme Court held that the approval of a proposed combination by the Competition Commission of India (CCI) must be obtained before the approval of Resolution Plan by the Committee of Creditors (CoC) under Section 31(4) of the Insolvency and Bankruptcy Code, 2016 (IBC).
The Court held thus in a batch of Civil Appeals preferred against the Judgment of the National Company Law Appellate Tribunal (NCLAT) pertaining to the Corporate Insolvency Resolution Process (CIRP) of the Hindustan National Glass and Industries Ltd. (HNGIL).
The three-Judge Bench of Justice Hrishikesh Roy, Justice Sudhanshu Dhulia, and Justice S.V.N. Bhatti observed, “In the present case, for reasons discussed above, the statutory provision and legislative…
